The Shariah compliance analysis for XLF, the Financial Select Sector SPDR Fund, an ETF tracking U.S. financial companies, indicates non-compliance primarily due to its exposure to conventional interest-based banking and financial services, which involve riba (interest). Financial ratios cannot be precisely calculated due to the ETF structure lacking traditional balance sheets, but underlying holdings fail qualitative and quantitative screens across major standards. No inclusion in Shariah indices confirms the non-compliant status, with business activity screening highlighting predominant non-permissible revenue sources. ESG factors show medium risk from environmental financing and past controversies, while governance is strong but does not override core Shariah issues. Investors seeking financial sector exposure should consider Shariah-compliant alternatives like Islamic ETFs.